Markon is a percentage that is added to the cost of a product in order to calculate its selling price. For example, if the cost of a product is $10 and the markon is 20%, then the selling price would be $12. Any additional changes in price are referred to as markups or markdowns.
Markon refers to the percentage added to the cost of a product to calculate its list price. Any additional increase in price is referred to as a markup, while a decrease is known as a markdown. For instance, if a product costs $50 to produce and the markon is 25%, the list price would be $62.50 ($50 + 25% of $50). If a store wishes to raise the price of a product by 10%, it would be considered a markup. Conversely, if a product is discounted by 20% from its original price, it would be considered a markdown. These examples demonstrate how markon is utilised to determine the list price of a product. By incorporating a percentage to the production cost, businesses can ensure profitability for each sale. Markups and markdowns are employed to adjust the price based on market demand and other factors.
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This glossary post was last updated: 17th April 2024.
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